When it comes to businesses going down the tubes, I am not in favor of nationalization of businesses, or industries. I am in favor of creative destruction.
This post gives a different spin to the debate on nationalization - the author suggests calling it a bankruptcy, because that's what it is - as long as the government is not involved in running the newly reorganized firm. For the life of me, I can't find much to criticize about his points. Read it and see what you think.
I'm inclined to think the most important thing that happens (or should happen) is that companies and individuals who have made a series of poor choices are forced to come to terms with those choices. Unfortunately, some of the key choice makers (ie Fannie Mae and Barney Frank types) will likely never have to answer for their errors because their cronies protect them in a thin candy shell. And for some reason, the public allows this to continue.
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